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Total Q4 operating income up by 2%

February 08/2019

MOSCOW (MRC) -- Total reported that its net income group share for the fourth-quarter rose to USD1.13 billion or $0.40 per share from last year's USD1.02 billion or USD0.37 per share, reflecting increased production volumes, as per the company's press-release.

Chairman and chief Executive Officer Patrick Pouyann said, "These excellent results reflect the strong growth of more than 8% for the Group's hydrocarbon production, which reached a record level of 2.8 Mboe/d in 2018 and led to a 71% increase in Exploration & Production's adjusted net operating income. .."

Adjusted earnings per share increased by 6% to USD1.17 from in the prior year. Sales for the quarter rose to USD52.50 billion from USD47.35 billion last year.

The Group noted that it will eliminate the scrip dividend option from June 2019. Within the framework of its program to buy back USD5 billion of shares over the 2018-20 period, the Group expects to buy back USD1.5 billion of its shares in 2019 in a 60 USD/b Brent environment.

The Board of Directors met on February 6, 2019, and decided to propose to the Shareholders' Meeting, which will be held on May 29, 2019, the distribution of an annual dividend of 2.56 aВђ/share for fiscal year 2018, an increase of 3.2% compared to 2017, in accordance with the 2018-20 shareholder return policy announced in February 2018. Given the three 2018 interim dividends of 0.64 per/share decided by the Board of Directors, the final 2018 dividend will amount to 0.64 per/share.

The Board of Directors decided to propose to this Meeting that the final 2018 dividend of 0.64 per/share be paid exclusively in cash. The Board of Directors also decided not to propose to this Meeting the renewal of the scrip dividend option for the 2019 interim dividends that the Board of Directors may decide, which will therefore be paid exclusively in cash.

Separately, Total said that it has made a significant gas condensate discovery on the Brulpadda prospects, located on Block 11B/12B in the Outeniqua Basin, 175 kilometers off the southern coast of South Africa.

The Brulpadda well encountered 57 meters of net gas condensate pay in Lower Cretaceous reservoirs. Following the success of the main objective, the well was deepened to a final depth of 3,633 meters and has also been successful in the Brulpadda-deep prospect.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Total Petrochemicals.
Category:General News
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